ANNOUNCED AS TEMPORARYNo
Control on personal transactions
On 2 December 2013, the AFIP adopted General Resolution 3550 which increases the tax on credit and debit card purchases in foreign currency from 20 percent to 35 percent to fight low international reserves. While Argentinian tourists and online shoppers increased their spending abroad, the government needs foreign currency to pay foreign debt obligations and import energy.
However, cardholders are able to offset the payments against future income or personal wealth tax liabilities. According to EY,“[t]he actual ability of the taxpayers to compute the surcharge as a payment on account of their income tax or personal assets tax liabilities will determine whether this 35% tax ends up being an increase in their overall tax burden or not.”
The provisions contained in the General Resolution 3550 became effective with its publication in the Official Gazette of 3 December 2013.
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